SSgA's assets up 6% for quarter despite another quarter of large outflows

State Street Global Advisors reported $2.446 trillion in assets under management as of Sept. 30, up 6.3% from three months prior and up 11% from a year earlier, parent company State Street Corp.'s earnings release said Wednesday.

SSgA experienced total net outflows of $36 billion during the third quarter, compared to net outflows of $35 billion during the second quarter and net outflows of $29 billion during the third quarter of 2015. Outflows in the quarter were led by $33 billion in outflows from cash and $15 billion in institutional outflows, offset by $12 billion of net inflows into exchange-traded funds. Market appreciation for the quarter was $67 billion.

Equities had $1.41 trillion in AUM as of Sept. 30, up 8% from June 30 and up 11.4% from Sept. 30, 2015. Meanwhile, fixed income accounted for $391 billion, up 16.7% from three months earlier and up 23.7% from the year earlier; cash, at $351 billion, down 7.6% from both three months earlier and a year earlier; alternatives, $169 billion, up 4.3% and up 30%, respectively; and multiasset-class solutions, $125 billion, up 6.8% from three months prior and up 12.6% from 12 months earlier.

Assets under custody and administration were $29.18 trillion, up 5% from June 30 and up 7% from Sept. 30, 2015.

SSgA's investment management fees were $368 million in the third quarter, up 25.6% from the previous quarter and up 28.2% from the second quarter of 2015.

Revenue for the parent company was $2.62 billion for the quarter, up 1.8% from the prior quarter but flat from the year-earlier quarter. State Street's net income was $507 million for the second quarter, compared to net income of $585 million during the second quarter of 2016 and $539 million during the third quarter of 2015.